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You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.

Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA

—Tax credits, such as child tax credit, retirement savings contributions credit, etc. Earlier this month, Congress announced a bipartisan agreement to enhance the current child tax credit. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries. If you are due for a refund, you will not receive a penalty and you will receive your tax return payment.

Persons: Courtney Alev, ” Alev, Tom O’Saben, O'Saben, O’Saben, “, ” O’Saben, —, Alev, You’re, you’ve, It’s, ___, Charles Schwab, ” Organizations: —, Credit Karma, Savings, IRS, National Association of Tax, Elderly, People, Social Security, Social, Center, Budget, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: United States

☆ As some retirees worry about surprises this tax season, these resources may help
▼ + stars: | 2023-02-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Seniors may also seek help from other tax professionals this year to meet the April 18 deadline to file their federal returns. Where to find free tax helpAARP's Tax-Aide program is the largest volunteer-based tax assistance program in the country, according to Lee-Villanueva. The program works in collaboration with the IRS Volunteer Income Tax Assistance, or VITA, and Tax Counseling for the Elderly, or TCE, programs, which provide free basic tax return preparations to individuals who qualify. The government temporarily made the child tax and earned income tax credits more generous during the Covid pandemic. Tom O'Saben director of tax content and government relations at the National Association of Tax Professionals

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